Ferrari dodges questions over CEO succession as profit slows February 2, 2021 Ferrari gave no indication on Tuesday of who it was lining up to replace Louis Camilleri as chief executive as analysts said the luxury carmaker appeared to be touching the brakes on its profit outlook. Italy’s ‘Cavallino Rampante’, or ‘Prancing Horse’, forecast that its adjusted core earnings would be between 1.45 billion euros ($1.7 billion) and [...]
Revealed: The London bus drivers ‘abandoned’ to the pandemic February 2, 2021 London bus drivers have told City A.M. they were “abandoned” by their employers and unions alike and forced to fend for themselves as the coronavirus pandemic swept across the UK. Speaking on condition of anonymity, a number of drivers revealed to City A.M. the personal risks to which they have been exposed while keeping essential [...]
Global business travel to grow a fifth this year February 2, 2021 Global business travel spending will begin to recover this year but will not return to pre-pandemic levels until the middle of the decade. According to the Global Business Travel Association (GBTA), spending will increase 21 per cent this year to $842bn (£615bn). The increase comes after spending fell more than half in 2020 due to the pandemic. The [...]
Ryanair on track for record loss after €306m third quarter hit February 1, 2021 Ryanair this morning plunged to a €306m (£222.6m) loss as the Irish carrier continued to suffer “the most challenging year in its history”. The Irish carrier said that passenger numbers were down almost 80 per cent to just 8m people over the three month period. As a result, it said it was reducing its full [...]
Pension fund Equitix joins calls for Eurostar bailout January 31, 2021 Pension fund Equitix has added its voice to calls for ministers to help prop up the struggling cross-channel Eurostar service. The fund is one of the joint owners of HS1, the high-speed rail line linking London to the Channel Tunnel, which depends on the Eurostar for about a third of its revenues. The Times reported [...]
Tunnel vision? Why the approved Thames crossing at Silvertown could be in doubt January 30, 2021 London's new road tunnel at Silvertown was years in the making and given the go-ahead by Sadiq Khan in 2019, but ever since then opposition to the eastern crossing has grown.
Heathrow boss slams government’s ‘discriminatory’ airport support scheme January 30, 2021 The government’s financial support scheme for airports has today opened to applications but was swiftly slammed by Heathrow and fellow operators. Under the scheme, airports and baggage handlers can apply for up to £8m in business rates relief. Transport secretary Grant Shapps announced that the support was now available via Twitter. But the boss of [...]
United Airlines warns 14,000 staff could be stood down without pay January 29, 2021 United Airlines has warned some 14,000 employees could be stood down without pay when a second round of payroll support for airlines in the US expires on 1 April. The Chicago-based airline recalled 13,000 employees from furlough – a term in the US that means a mandatory suspension without pay – when the fresh payroll [...]
Jaguar Land Rover roars to profit as Bolloré era kicks off in style January 29, 2021 Jaguar Land Rover today saw profit jump to £439m in its first full quarter under new boss Thierry Bolloré. The high-end carmaker said that profit was up £121m on the same period last year, while revenue increased £1.6bn to £6bn. JLR reported that it sold 128,469 vehicles in the quarter, up 13.1 per cent on [...]
UK extends airport slot waiver through summer season January 29, 2021 The UK has extended its waiver on the “80:20” airport slot rule through the lucrative summer season, it was announced today. The decision, which was announced this morning by industry body Airport Coordination Limited (ACL), will be a much-needed boon for the UK’s embattled carriers. In a statement, it said: “The UK’s Secretary of State [...]